Hut 8 signs $9.8B lease

Hut 8 Mining, a crypto-mining turned AI data center company, signed a second 15-year lease worth $9.8 billion with an existing investment-grade customer, fully commercializing its 1-gigawatt Beacon Point campus in United States — Texas. The new agreement covers 352 megawatts of IT capacity, doubling the tenant's total contracted footprint to 704 MW. The campus now has a base-term contract value of $19.6 billion, rising to as much as $50.2 billion if renewal options are exercised. Hut 8 Mining's total contracted AI data center capacity increased to 949 MW, with aggregate base-term contract value reaching $26.6 billion. The company redesigned the first data hall around Nvidia's architecture, increasing capacity by 57%. Hut 8 Mining expects to begin delivering the first Phase 2 data hall in the second quarter of 2028. Shares rose about 5% in premarket trading.